Digital wallet HyperJar is to expand into international markets with more than £19 million private equity backing.

The Series A raise was led by Susquehanna Private Equity Investments and includes the Healthcare of Ontario Pension Plan.

The London FinTech’s B2C product, HyperJar, has more than half a million customers in the UK who use it to manage their spending. Tools allow for partitioning and sharing as well as access to unique merchant rewards. 

Its B2B venture, HyperLayer, gives global enterprise customers access to the underlying HyperJar tech for spending, transactions and rewards capabilities. 

It offers banks consumer and social network functionality to compete with digital-first challengers, helping deliver new revenue streams and satisfy consumer duty obligations. It also significantly enhances the customer propositions of other enterprise clients, including asset managers, pension funds, merchants, and any organisation whose clients are also spenders. 

VerifyMy raises £5m & appoints growth specialist as co-CEO

“In a very tough fundraising environment, this investment represents terrific confidence in what we’ve built so far and in HyperJar’s future as a global business,” said CEO Rob Rooney. 

“Spending is the world’s biggest asset class, yet it’s largely unserved. Making spending money go further is the fastest way for most people to improve their financial position, but this is not what banks, credit platforms, payment platforms or asset and wealth managers are set up to do. We’ve created the world’s best tech for this unmet need. 

“There’s a massive greenfield opportunity for organisations everywhere to offer their customers exceptional spending tech via HyperLayer, and this $24m raise gives us the fuel to accelerate both B2B and B2C product development and to expand internationally into North America, Europe, and other growth markets.”

New chair revealed at digital bank Chetwood